Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
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A01=Philipp Lehmbecker
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Author_Philipp Lehmbecker
Category=JPA
Category=KCBM
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eq_business-finance-law
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eq_isMigrated=2
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Product details
- ISBN 9783631580769
- Weight: 360g
- Dimensions: 148 x 210mm
- Publication Date: 10 Apr 2008
- Publisher: Peter Lang AG
- Publication City/Country: CH
- Product Form: Paperback
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This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
The Author: Philipp Lehmbecker was born in 1979 in Bremen (Germany). From 1999 to 2004 he studied economics at the University of Kiel, and the University of Glasgow (United Kingdom). Between 2005 and 2007 the author wrote his dissertation at the University of Bremen.
